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We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

Date

Tue, 11/13/2018 - 10:34

Current

range bound

Forecast

resumption of uptrend

Last week

Bearish

Midterm forecast:

While the price is above the support 190.10, resumption of uptrend is expected.

We make sure when the resistance at 637.00 breaks.

If the support at 190.10 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

There is a divergence in RSI and price between the trough at 460.75 on 2018-08-14 and the trough at 405.45 on 2018-09-12, the probability of downtrend continuation is decreased and the probability of resumption of uptrend is increased.

The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.

The RSI resistance #2 at 60 is broken, so the probability of resumption of uptrend is increased.

While the RSI uptrend #3 is not broken, bullish wave in price would continue.

Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.